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Thursday, April 26, 2012

Austerity Pushes The UK Back Into Recession

DATA DRIVEN VIEW POINT: This article is from Think Progress.
Austerity is what the wealthy demand from the populous when corporate banks aren't collecting on sovereign debt. These sovereign loans have gone bad, in part, because the bankers' confederates in government have
squandered their nations treasury. Consumer spending is the fire at the center of an economy. Austerity suppresses consumption by squeezing money out of citizens to pay back these loans. The wealthy need to accept some of the responsibility for making bad loans in the first place, and it is in everyone's best interest for governments to stimulate, rather than suffocate, their national economies under these circumstances.

The United Kingdom isofficially back in a recession, after seeing
growth drop 0.2 percent in the first quarter of this year. But neither Prime
Minister David Cameron nor Chancellor George Osborne are backing down from
their Conservative government’s adoption of austerity measures.

Of course, it’s not
like the Eurozone, with it’s own set of austerity measures in Greece, Spain, and other nations,has fared well:

As the New York Times
noted yesterday, austerity hasfueled a backlash in Europe, causing the Dutch
government to fall and the French to vote against incumbent Nicolas Sarkozy in
the first round of their presidential election. Spain, Italy, Belgium, the Netherlands and the CzechRepublicare all back in a recession. Yet the sort of
budget cutting that led to these results is the same as that which Republicans
want to bring to the U.S.